Homework Answers
Answer:
| Account title and Explanation | Debit | Credit |
| Bonds payable | $1,000,000 | |
| Premium on bonds payable (Unamortized) | $75,000 | |
| Gain on redemption of bonds | $268,000 | |
| Cash | $807,000 | |
| [To record redemption of bonds] |
Explanation:
| Bonds payable | $1,000,000 |
| Unamortized Premium on bonds payable | $75,000 |
| Carrying value of the bonds | $1,075,000 |
| (less): Cash paid | ($807,000) |
| Gain on redemption of bonds | $268,000 |
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